BrightFarms secures $100 million to expand nationwide
Irvington, N.Y.-based BrightFarms has secured more than $100 million in funding to support expansion plans.
The Series E round of funding was led by Cox Enterprises, which now owns a majority stake in the indoor salad-greens grower, and includes a follow-on investment from growth equity firm Catalyst Investors, according to a news release.
BrightFarms will use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.
This latest development comes means BrightFarms has raised more than $200 million, establishing partnerships with retailers that include Ahold Delhaize, Kroger and Walmart.
The company distributes packaged salad greens to more than 2,000 stores in the U.S. and expects to expand distribution to more than 15,000 stores by 2025, according to the release. The indoor farming operations are in Illinois, Ohio, Pennsylvania and Virginia, with three new farms in development in North Carolina, Massachusetts and Texas.
“Our goal over the next five years is to make quality, locally-grown greens a staple on grocery shelves and in refrigerators nationwide,” CEO Steve Platt said in the release.
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